The company said it has completed the $20 million sharebuyback it announced on Dec. 6, and would buy the additionalshares by June 30.

Smith & Wesson's shares, which has soared more than 80percent in the past year, were trading up 4 percent at $8.30 onThursday on the Nasdaq. The stock has lost more than a tenth oftheir value since the incident.

Shares of other gun companies such as Sturm Ruger & Co Inc and Forjas Taurus SA have also taken abeating in recent weeks. Sturm Ruger shares were trading up 2percent on Thursday.

Private equity firm Cerberus Capital Management LP and NewYork State Common Retirement Fund said they were reviewing theirgun-related investments after the Newtown elementary schoolshooting.

Buybacks are common among companies that are cash-rich andseeking either to soak up extra shares they have issued undercompensation plans or to convince investors that their sharesare undervalued.